Abu Dhabi to Spend $13.6 Billion in Stimulus Drive
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Abu Dhabi to Spend $13.6 Billion in Stimulus Drive

Emirate also to allow freezone-based companies to take part in government tenders

TLME News Service

Abu Dhabi has plans to invest US$13.6 billion over a three year period in economy, as well as allowing freezone-based businesses to partake in government tenders.

The move is part of an ongoing initiative to stimulate the Abu Dhabi economy and deepen dynamic business links in the emirate.

Crown Prince Mohammed Bin Zayed Al Nayhan said officials are to “...draw up a working plan for allocations within 90 days.”

Many Middle Eastern states are beginning plans for post-oil economies and therefore pushing forward ambitious strategies to create business.

Abu Dhabi holds around 6% of the world’s oil, and while reserves aren’t set to run out soon, it is thought a smooth transition from an oil-based economy to a post-oil one is highly desired.

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